How to evaluate your Marketing plan?
- Author Prakash Raje
- Published October 26, 2020
- Word count 851
Marketing plans serve as the blueprints for your company's sales strategy. They lay out every detail of what's to come over the next year and may be subject to alteration or evaluation because of changes in the market. Marketing should not be set in motion and left alone, but constantly reviewed, evaluated and adjusted to suit the needs of the company and the wants of the consumer. Understanding how to judge whether your marketing plan is delivering the best possible results can save you time and money and help ensure the success of your business.
Evaluation is an important part of marketing: it helps your company eliminate ineffective strategies and develop an overall plan that helps build your business. By scheduling regular evaluations of your marketing plan, you can save wasted money by modifying or eliminating campaigns that are not reaching your target market or garnering the response you need. As you plan, build in mechanisms to monitor the success of each marketing effort to make evaluation cheaper and easier.
Monitor Your Progress
Marketing can be used to support your overall business objectives, so it's helpful to monitor your progress towards strategic business goals. At regular intervals, conduct an evaluation of each goal. If you find that the progress toward one is slower than the others, your marketing strategies for that goal may be ineffective or need to be ramped up.
Compare Your Strategy to Competitors
If you are employing similar strategies to competitors, you can compare them to find differences in frequency, quality, content and response. Note the number of places competitors' advertisements show up, how many social media followers they have, how their profits changed after a campaign or how they have altered their other marketing strategies.
Return on Investment
Return on investment is always a major concern when it comes to marketing or any other business expense of Marketing Agency in Mumbai. The idea is to check whether the money you put into your marketing plan has resulted in a profit. You must measure the amount spent on each campaign, versus the amount of sales each campaign brought in specifically. You can calculate an overall measurement, but a more specific breakdown by each marketing initiative will tell you exactly which campaigns worked and which fell short.
Reviewing Sales Numbers
Evaluating sales numbers is the most fundamental way to determine the effectiveness of a marketing plan. The easiest way to do this is by comparing post-marketing campaign sales totals with prior periods. For example, if a company was doing $50,000 in shoe sales before a marketing campaign and those sales increase to $75,000 afterward, it is a safe assumption that the campaign was effective.
Some marketing efforts, such as plans that are implemented with long-term intentions, cannot be measured with a simple side-by-side sales comparison in a specific period.
Customer Response and Reactions
Customer response in all its varied forms can help you to determine what type of reactions your marketing creates. Surveys online and in person, general customer service feedback and online commentary can all reveal what your customers think of your marketing and which campaigns have the greatest impact. Simple questions like "How did you find out about our seasonal sale?" can reveal which initiatives are reaching the customer and which market segments are making purchases.
Marketing Reach Expansion
If your marketing reach is expanding, the effectiveness of your plan is the probable cause. Marketing that makes its way into new regions either by customer recommendation or natural growth indicates both a successful and popular product or experience and an effective marketing message. The expansion of budget of Marketing Agency in Mumbai is another sign that your plan is working well and has gained more support from the company.
Marketing Partner Response
Your marketing partners will offer feedback about whether your marketing plan is working. Partner feedback reveals the effectiveness of your efforts in relation to associated brands, suppliers and vendors. These outside members of the team might feel the effects of a successful campaign before you do because they are often on the front lines and might have more direct customer interaction.
The same goes for a negative report. If your partners are asking when you will be releasing new marketing efforts, it might be time to revamp the marketing plan.
Outside Salespeople Feedback
Outside salespeople are a great barometer for the measurement of marketing effectiveness. Ask for feedback from your soldiers in the field to determine whether the message you are providing and the ways you are providing it are effective. You are sure to get advice in any case, but if the feedback is overwhelmingly negative or customers are completely unaware of your latest marketing efforts, your plan should be revised to better address existing clients and to suit the needs of your sales team.
So it’s necessary to make sure to take a look back at whatever you did and understand all the pros and cons of the approach that you adapted to. It will help you understand what and how you can gain success by taking a follow-up of your previous Marketing plan.
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